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Daily analysis of EUR/JPY for March 1, 2018

EUR/JPY

Price has shed over 130 pips this week, after reaching an initial weekly high of 132.15, thus upholding the current Bearish Confirmation Pattern in the 4-hour chart. The demand zones at 130.00 and 129.50 are being tested. The more price journeys southwards, the more the probability of a strong reversal in the market, which may overturn the current bearish bias.

Some fundamental figures are expected today and they may have impact on the market. The EMA 11 is below the EMA 56, and the RSI period 14 is below the level 50. There are supply zones at 130.50, 131.00m and 131.50, which would be breached to be upside, in case there is a strong bullish reversal in the market.